Russian Lawmakers Urge Central Bank to Rethink Digital Ruble Plans
Russian lawmakers want the country’s Central Bank to ditch its current retail model digital ruble in favor of a wholesale alternative....
- Russian lawmakers are urging the country's Central Bank to consider a wholesale digital ruble model instead of the current retail model.
- The wholesale digital ruble could facilitate interbank payments for businesses and financial firms in Russia.
- The Central Bank initially considered a wholesale model but decided to focus on a retail model. Real-world pilots for the retail model have been launched, with plans for a nationwide rollout by early 2025.
- Lawmakers believe that adopting a wholesale model would provide flexibility and adaptability boosts for Russia's economy and help the nation avoid missing out on opportunities.
- They argue that a wholesale digital ruble could help Russia reduce its dependence on Western payment infrastructure and facilitate trade with BRICS nations and Russian allies.
- Some central banks in other regions are exploring two-tier or parallel CBDC projects, but the Russian Central Bank aims to provide CBDC solutions for unbanked citizens and as an alternative to cash in remote regions.
The sentiment of the article is generally positive, as it highlights the potential benefits of adopting a wholesale digital ruble model and the opportunities it could bring to Russia's economy.